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Building Societies Act 1965

Advances - Special advances on mortgage

38: Permission to make special advance to purchaser of mortgaged property

You could also call this:

"Building societies can't give extra money to people buying houses with existing loans anymore"

This provision was about allowing a building society to make a special advance to someone buying a property that already had a mortgage on it. However, this rule no longer exists. It was removed from the law on 17 December 1982. This means that building societies can no longer use this specific permission when dealing with mortgaged properties.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371667.

Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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37: Permission to exceed limit for special advances, or

"Old rule about extra mortgage money for building societies no longer exists"

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"This part used to explain who counts as a member, but it was removed"

Part 3Advances
Special advances on mortgage

38Permission to make special advance to purchaser of mortgaged property (Repealed)

    Notes
    • Section 38: repealed, on , by section 4(2)(c) of the Building Societies Amendment Act 1982 (1982 No 169).